ProShare Advisors LLC Reduces Stake in Old Dominion Freight Line, Inc. (NASDAQ:ODFL)

ProShare Advisors LLC cut its stake in shares of Old Dominion Freight Line, Inc. (NASDAQ:ODFL - Free Report) by 10.1% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 211,806 shares of the transportation company's stock after selling 23,766 shares during the quarter. ProShare Advisors LLC owned about 0.10% of Old Dominion Freight Line worth $37,405,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of ODFL. Jones Financial Companies Lllp increased its holdings in shares of Old Dominion Freight Line by 22.5% in the 4th quarter. Jones Financial Companies Lllp now owns 147 shares of the transportation company's stock worth $60,000 after purchasing an additional 27 shares in the last quarter. Partners Capital Investment Group LLP boosted its position in shares of Old Dominion Freight Line by 6.1% during the fourth quarter. Partners Capital Investment Group LLP now owns 697 shares of the transportation company's stock valued at $283,000 after buying an additional 40 shares during the last quarter. Gulf International Bank UK Ltd increased its holdings in Old Dominion Freight Line by 0.6% in the 1st quarter. Gulf International Bank UK Ltd now owns 8,474 shares of the transportation company's stock worth $1,858,000 after buying an additional 47 shares in the last quarter. Foundations Investment Advisors LLC raised its position in Old Dominion Freight Line by 0.6% in the 2nd quarter. Foundations Investment Advisors LLC now owns 9,124 shares of the transportation company's stock worth $1,611,000 after buying an additional 54 shares during the last quarter. Finally, Meridian Wealth Management LLC raised its position in Old Dominion Freight Line by 6.2% in the 1st quarter. Meridian Wealth Management LLC now owns 954 shares of the transportation company's stock worth $209,000 after buying an additional 56 shares during the last quarter. Hedge funds and other institutional investors own 77.82% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts have recently commented on ODFL shares. TD Cowen reduced their price target on shares of Old Dominion Freight Line from $214.00 to $209.00 and set a "hold" rating for the company in a research note on Friday, September 6th. Susquehanna lifted their target price on shares of Old Dominion Freight Line from $210.00 to $225.00 and gave the stock a "positive" rating in a research report on Wednesday, September 18th. Robert W. Baird increased their price target on Old Dominion Freight Line from $205.00 to $215.00 and gave the company an "outperform" rating in a report on Thursday, July 25th. BMO Capital Markets lifted their price objective on Old Dominion Freight Line from $210.00 to $215.00 and gave the stock an "outperform" rating in a report on Thursday, July 25th. Finally, Benchmark reissued a "hold" rating on shares of Old Dominion Freight Line in a report on Wednesday, September 11th. One investment analyst has rated the stock with a sell rating, thirteen have given a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $201.83.

Old Dominion Freight Line Price Performance

Shares of ODFL stock traded up $2.20 on Monday, hitting $196.17. 981,353 shares of the stock traded hands, compared to its average volume of 1,576,343. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.46 and a quick ratio of 1.46. Old Dominion Freight Line, Inc. has a 52 week low of $165.49 and a 52 week high of $227.80. The firm has a 50 day simple moving average of $196.29 and a two-hundred day simple moving average of $195.33. The firm has a market cap of $42.62 billion, a price-to-earnings ratio of 34.54, a PEG ratio of 3.92 and a beta of 0.99.

Old Dominion Freight Line (NASDAQ:ODFL - Get Free Report) last posted its quarterly earnings results on Wednesday, July 24th. The transportation company reported $1.48 EPS for the quarter, beating analysts' consensus estimates of $1.45 by $0.03. The business had revenue of $1.50 billion for the quarter, compared to analysts' expectations of $1.50 billion. Old Dominion Freight Line had a return on equity of 30.33% and a net margin of 21.38%. The business's quarterly revenue was up 6.1% on a year-over-year basis. During the same period last year, the firm earned $1.33 earnings per share. As a group, equities research analysts predict that Old Dominion Freight Line, Inc. will post 5.64 earnings per share for the current fiscal year.

Old Dominion Freight Line Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, September 18th. Investors of record on Wednesday, September 4th were issued a $0.26 dividend. The ex-dividend date was Wednesday, September 4th. This represents a $1.04 dividend on an annualized basis and a yield of 0.53%. Old Dominion Freight Line's dividend payout ratio is presently 18.31%.

Insiders Place Their Bets

In related news, Chairman David S. Congdon sold 10,000 shares of the firm's stock in a transaction on Thursday, August 29th. The shares were sold at an average price of $195.17, for a total transaction of $1,951,700.00. Following the completion of the transaction, the chairman now directly owns 1,391,621 shares of the company's stock, valued at $271,602,670.57. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, Chairman David S. Congdon sold 10,000 shares of the stock in a transaction that occurred on Thursday, August 29th. The stock was sold at an average price of $195.17, for a total transaction of $1,951,700.00. Following the completion of the transaction, the chairman now directly owns 1,391,621 shares of the company's stock, valued at $271,602,670.57. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Chairman David S. Congdon sold 29,975 shares of Old Dominion Freight Line stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $201.30, for a total value of $6,033,967.50. Following the completion of the sale, the chairman now directly owns 1,401,621 shares in the company, valued at approximately $282,146,307.30. The disclosure for this sale can be found here. 9.90% of the stock is currently owned by corporate insiders.

Old Dominion Freight Line Profile

Old Dominion Freight Line, Inc operates as a less-than-truckload motor carrier in the United States and North America. The company offers regional, inter-regional, and national less-than-truckload services, as well as expedited transportation. It also provides various value-added services, including container drayage, truckload brokerage, and supply chain consulting.